Dogwifhat Price Falls 10% as Sphere Display Plans Fall Through

The meme-based cryptocurrency, Dogwifhat , experienced a significant downturn as its price fell nearly 10% following the denial of any partnership with the Las Vegas Sphere. Despite a successful crowdfunding effort that generated around $700,000 with the aim of featuring Dogwifhat on the Sphere, this ambition failed to come to fruition.

The developers stated they had conducted negotiations via an intermediary, citing their non-corporate structure. However, the credibility of this claim is now under scrutiny.

The start of the year has posed challenges for Dogwifhat, a Solana -based meme cryptocurrency. Since November, the coin's price has been on a persistent decline. Despite temporary recoveries, the overall trend remains downward.

Recent denials of a partnership with the Vegas Sphere have triggered a nearly 10% drop in Dogwifhat’s market value.

A representative from the Vegas Sphere clarified, “We have never entered an agreement with Dogwifhat. Our agency only had preliminary talks early last year, with no current plans for Dogwifhat's presence on the Exosphere. We are concerned by their use of our name for potentially fraudulent purposes,” they stated during an interview.

It might seem unusual that the Vegas Sphere had such an effect on Dogwifhat's valuation. However, early 2024 saw a crowdfunding campaign that pledged WIF’s appearance on the Sphere, amassing over $700,000 in contributions.

Developers recently hinted at a Sphere launch, promising to disclose dates once permission was granted.

These assertions proved unfounded. Earlier this week, WIF spiked 34% following the Sphere announcement teaser, only to plummet when the partnership failed to materialize. Accusations of misinformation by the Sphere have obliterated confidence, leading to a swift 10% price reduction.

The Dogwifhat team denies any misconduct. They state on social media that negotiations with Sphere representatives remain ongoing through intermediaries, citing their lack of formal corporate infrastructure. They also pledged to refund the $700,000 if the deal collapses.

“If the plan is not executed, we will void the contract and return contributions. Our intention was never to mislead,” Dogwifhat communicated through X (formerly Twitter).

Nevertheless, doubts linger. The rise of deceptive schemes involving meme coins, especially since the launch of tokens by public figures, highlights the potential for misconduct. If Dogwifhat’s team fabricated the Sphere story to boost their meme coin, it would unfortunately align with broader trends in the crypto industry.